The European Central Bank President Jean-Claude Trichet signaled that central bankers are not as pessimistic as investors are assuring that they stand ready to support the slowing recovery.

Trichet said that the global economy is slowing yet it is not heading to recession in comments in Basel after chairing the Global Economy Meeting. He was confident in his comments to ease the prevailing jitters and expressed the readiness and vigilance from the ECB and his peer central bankers to act as needed.

The ECB President said we all agree that in the present circumstances we have to remain permanently alert and have to stand ready for any observation that we could make on the evolution of the situation, and added saying we have the weaponry to provide what is necessary.